Square bitcoin DeFi business; Elon Musk dogecoin tweets

Table of Contents 1. Federal Reserve chairman Jerome Powell calls for more stablecoin regulation2. The

The top cryptocurrencies by market value, including bitcoin and ether, remain in the red on Monday, extending losses from the past week. Dogecoin is also down over 18% in the last seven days.

But a lot is still happening in the crypto world. From Jack Dorsey announcing that Square is building a bitcoin focused decentralized finance business to Elon Musk continuing to tweet about dogecoin, here are six things worth knowing in crypto from the past week.

1. Federal Reserve chairman Jerome Powell calls for more stablecoin regulation

2. The co-creator of dogecoin doesn’t plan to return to crypto

Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare return to Twitter on Wednesday with some harsh words about crypto in general.

In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which portrays a shiba inu dog. They didn’t intend for dogecoin to be taken seriously. Despite its recent surge in popularity, Markus and Palmer haven’t profited, as they both sold out before dogecoin’s meteoric rise.

“I am often asked if I will ‘return to cryptocurrency’ or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no,'” Palmer tweeted on Wednesday.

In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

3. Square is building a DeFi business using bitcoin

4. Malaysian police destroy 1,069 bitcoin mining rigs

On Friday, local Sarawak news outlet Dayak Daily posted a video of Malaysian police destroying 1,069 bitcoin mining rigs, and the video went viral.

In the video, Malaysian authorities used a steamroller to crush all the rigs, which were laid out in a parking lot at police headquarters. Assistant Commissioner of Police Hakemal Hawari told CNBC this came after miners allegedly stole $2 million worth of electricity siphoned from Sarawak Energy power lines. 

5. A co-founder of ethereum is quitting crypto due to safety concerns

Anthony Di Iorio, a co-founder of ethereum, told Bloomberg that he’s leaving crypto. He plans to sell his software company Decentral Inc., which is focused on blockchain technologies.

“It’s got a risk profile that I am not too enthused about,” Di Iorio said. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”

Before starting Decentral in 2014, Di Iorio co-founded ethereum in 2013 with eight others, including Vitalik Buterin.

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems,” Di Iorio said. “I will incorporate crypto when needed, but a lot of times, it’s not. It’s really a small percentage of what the world needs.”

6. Elon Musk continues to tweet about dogecoin

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